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Energy Minerals


Company Background

CNOOC Ltd. is a core subsidiary of China National Offshore Oil Corp., or CNOOC, a major Chinese state-owned oil company under the direct control of the State Council of the People's Republic of China.

CNOOC Ltd.'s main business is exploring and developing offshore crude oil and natural gas fields. In line with government policy, the company has been engaged in offshore development in such areas as the East China Sea and the South China Sea. In recent years, CNOOC Ltd. has expanded through buyouts of foreign companies. The company's activities are closely watched at home and abroad.

The parent company was founded in 1982 to co-develop offshore oil fields with major players abroad, due to a lack of the necessary technology in China at the time. Since then, CNOOC has accumulated significant technical know-how through such partnerships. CNOOC is China's third-largest oil company after state-run players China Petrochemical Corp., or Sinopec Group, and China National Petroleum Corporation, or CNPC.

In 2005, CNOOC Ltd. made a move to acquire U.S. oil major Unocal, but the Chinese company withdrew its bid due to a backlash in the U.S. Congress. But the CNOOC group did not lose its appetite for overseas acquisitions. China Oilfield Services, a unit under CNOOC, bought Norwegian rival Awilco Offshore for $2.5 billion in 2008. CNOOC Ltd. acquired Canadian energy giant Nexen for $15.1 billion in 2013, putting the group among the ranks of the global oil industry heavyweights.

In line with Beijing's reform drive targeting state-owned enterprises, the CNOOC group is stepping up efforts to improve profitability by, for example, diversifying. In 2009, CNOOC launched retail gasoline sales. Also, the company has begun a project to construct charging stations for electric vehicles, aiming to strengthen its presence in the business-to-consumer market to improve profitability.

Business Summary

CNOOC Ltd. is an investment holding company, which engages in the exploration, development, production, and sale of crude oil, natural gas, and other petroleum products through its subsidiaries. It operates through the following segments: Exploration and Production, Trading Business, and Corporate. Its core operations areas is comprised of Bohai, Western South China Sea, Eastern South China Sea, East China Sea, Asia, Africa, South America, North America, Oceania, and Europe. The company was founded on August 20, 1999 and is headquartered in Hong Kong.

Financial Highlights

Dec 2022 HKDUSD
Gross Profit266,599.12M34,046.29M
Operating income232,475.63M29,688.52M
Income before tax224,271.52M28,640.80M
Net income164,779.84M21,043.36M
Diluted EPS3.550.45
Dividends Per Share1.450.18
Total Assets1,043.06B133,640.83M
Total liabilities371,231.65M47,563.61M
Total equity670,479.97M85,904.45M
Operating cash flow239,998.29M30,649.20M
Currency in HKDCurrency in USD

Historical Data

 Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022
Revenue 266,634.78M 263,414.46M 174,501.71M 293,468.86M 462,844.12M
Gross Profit 119,195.14M 119,849.30M 66,116.99M 153,201.59M 266,599.12M
Operating income 99,012.05M 100,300.58M 49,797.59M 128,896.10M 232,475.63M
Income before tax 95,163.76M 95,982.62M 39,934.93M 115,067.51M 224,271.52M
Net income 62,391.10M 69,219.93M 28,042.89M 84,750.43M 164,779.84M
EBITDA 162,259.52M 168,894.59M 111,535.55M 201,276.25M 308,936.03M
Diluted EPS 1.39 1.50 0.60 1.83 3.55
Dividends Per Share 0.70 0.78 0.45 0.30 1.45
Total Assets 782,719.47M 847,594.41M 855,172.65M 962,182.82M 1,043.06B
Total liabilities 303,872.10M 346,210.87M 340,687.79M 372,598.14M 371,231.65M
Total equity 478,835.96M 501,339.91M 514,221.65M 588,283.12M 670,479.97M
Operating cash flow 145,712.70M 139,098.66M 91,918.11M 174,101.15M 239,998.29M
 Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022
Revenue 34,020.19M 33,619.37M 22,498.94M 37,755.69M 59,107.94M
Gross Profit 15,208.22M 15,296.26M 8,524.63M 19,709.86M 34,046.29M
Operating income 12,633.04M 12,801.28M 6,420.52M 16,582.89M 29,688.52M
Income before tax 12,142.03M 12,250.18M 5,148.91M 14,803.79M 28,640.80M
Net income 7,960.54M 8,834.48M 3,615.64M 10,903.41M 21,043.36M
EBITDA 20,702.84M 21,555.88M 14,380.56M 25,894.82M 39,452.96M
Diluted EPS 0.17 0.19 0.07 0.23 0.45
Dividends Per Share 0.08 0.09 0.05 0.03 0.18
Total Assets 99,972.47M 108,780.30M 110,290.07M 123,415.31M 133,640.83M
Total liabilities 38,811.92M 44,432.72M 43,937.88M 47,791.66M 47,563.61M
Total equity 61,159.09M 64,341.99M 66,318.23M 75,456.70M 85,904.45M
Operating cash flow 18,591.62M 17,753.05M 11,851.23M 22,398.66M 30,649.20M

Valuation Measures

Dec 2022
Operating margin50.22%
Profit margin35.60%


  • President, Chief Executive Officer & Director: Xin Huai Zhou
  • Chief Financial Officer: Wang Xin
  • Joint Secretary & Chief Compliance Officer: Yu Gao Xu
  • Vice President: Hongtao Yan
  • General Manager-Investor Relations Department: Jie Wen Li


  • China State-Owned Assets Supervision & Admn Commission (66.1%)
  • E Fund Management Co., Ltd. (1.1%)
  • Harvest Fund Management Co., Ltd. (0.5%)
  • Hang Seng Investment Management Ltd. (0.5%)
  • Zhong Geng Fund Management Co. , Ltd. (0.4%)
  • Invesco Great Wall Fund Management Co. Ltd. (Invt Mgmt) (0.2%)
  • Essence Fund Co., Ltd. (0.2%)
  • Orient Securities Asset Management Co. Ltd. (0.1%)
  • Zhong Ou Asset Management Co., Ltd (0.1%)
  • Baillie Gifford & Co. (0.1%)

Contact Details

  • Website:
  • Address: Bank of China Tower, 1 Garden Road, Hong Kong, 999077, Hong Kong
  • Phone: +852.2213.2500

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Last Updated on 22 Sep, 2023

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